https://ficoforums.myfico.com/t5/Mortgage-Loans/Are-these-typical-terms/m-p/5080985#M213467 <P>PMI rate is based on 2 things:&nbsp; your credit score and your LTV.&nbsp; The lower your score, the higher the rate. Normally the PMI rate doesn't get good until your score is at least 680 and it becomes much better over 720.&nbsp; You get the best PMI rates when your score is above 760.&nbsp; Here is a chart from one of the PMI companies for you to compare - there are only a handful of PMI companies.&nbsp;<A href="https://mortgageinsurance.genworth.com/pdfs/Rates/11370775.Monthly_Natl.FIXED.0616.pdf" target="_blank">https://mortgageinsurance.genworth.com/pdfs/Rates/11370775.Monthly_Natl.FIXED.0616.pdf</A></P><P>&nbsp;</P><P>If you look at the rate chart posted above, you can see you are in the highest risk catagory due to your credit score.&nbsp;</P><P>Is it possible for you to get a 80/10/10 loan instead and avoid PMI altogether?&nbsp; The 10% down you are doing now already, see if your lender can split the mortgage into two: first one at 80% and the second mortgage for 10%.&nbsp; The second will be at a higher interest rate, but it probably will be much less than the PMI you will have to pay given your current score.</P> Sat, 28 Oct 2017 21:31:19 GMT StartingOver10 2017-10-28T21:31:19Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Are-these-typical-terms/m-p/5080976#M213466 <P>I'm wondering if these are typical terms for a conventional mortgage?</P><P>&nbsp;</P><P>625 mid score, 10% down.</P><P>Purchase price: 430k</P><P>&nbsp;</P><P>We're being told our PMI would be 500-600 per month, and after taxes and fees looking at a payment of about 3200 per month. Is this correct? Any way to pay less for PMI?</P><P>&nbsp;</P> Sat, 28 Oct 2017 21:14:14 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Are-these-typical-terms/m-p/5080976#M213466 Anonymous 2017-10-28T21:14:14Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Are-these-typical-terms/m-p/5080985#M213467 <P>PMI rate is based on 2 things:&nbsp; your credit score and your LTV.&nbsp; The lower your score, the higher the rate. Normally the PMI rate doesn't get good until your score is at least 680 and it becomes much better over 720.&nbsp; You get the best PMI rates when your score is above 760.&nbsp; Here is a chart from one of the PMI companies for you to compare - there are only a handful of PMI companies.&nbsp;<A href="https://mortgageinsurance.genworth.com/pdfs/Rates/11370775.Monthly_Natl.FIXED.0616.pdf" target="_blank">https://mortgageinsurance.genworth.com/pdfs/Rates/11370775.Monthly_Natl.FIXED.0616.pdf</A></P><P>&nbsp;</P><P>If you look at the rate chart posted above, you can see you are in the highest risk catagory due to your credit score.&nbsp;</P><P>Is it possible for you to get a 80/10/10 loan instead and avoid PMI altogether?&nbsp; The 10% down you are doing now already, see if your lender can split the mortgage into two: first one at 80% and the second mortgage for 10%.&nbsp; The second will be at a higher interest rate, but it probably will be much less than the PMI you will have to pay given your current score.</P> Sat, 28 Oct 2017 21:31:19 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Are-these-typical-terms/m-p/5080985#M213467 StartingOver10 2017-10-28T21:31:19Z